OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Sep. 30, 2016

Other Comprehensive Income Loss [Abstract]

OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 11 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Comprehensive income is defined as net income plus transactions and other occurrences that are the result of non-owner changes in equity. For condensed financial statements presented for the Company, non-owner changes in equity are comprised of unrealized gains or losses on available-for-sale debt securities and any minimum pension liability adjustments. These do not have an impact on the Company’s net income. The following table presents the activity in net accumulated other comprehensive income (loss) and the components of the activity for the periods indicated:

		Unrealized Gains
		(Losses) on
		Investments		Defined Benefit
(In thousands)		Available-for-Sale		Pension Plan		Total
Balance at January 1, 2016		$	6,566	$	(7,863)	$	(1,297)
	Other comprehensive income before reclassification, net of tax		6,385		-		6,385
	Reclassifications from accumulated other comprehensive income, net of tax		(1,154)		531		(623)
Current period change in other comprehensive income, net of tax			5,231		531		5,762
Balance at September 30, 2016		$	11,797	$	(7,332)	$	4,465

		Unrealized Gains
		(Losses) on
		Investments		Defined Benefit
(In thousands)		Available-for-Sale		Pension Plan		Total
Balance at January 1, 2015		$	8,078	$	(8,901)	$	(823)
	Other comprehensive income before reclassification, net of tax		2,144		-		2,144
	Reclassifications from accumulated other comprehensive income, net of tax		12		468		480
Current period change in other comprehensive income, net of tax			2,156		468		2,624
Balance at September 30,2015		$	10,234	$	(8,433)	$	1,801

The following table provides the information on the reclassification adjustments out of accumulated other comprehensive income for the periods indicated:

				Nine Months Ended September 30,
(In thousands)				2016		2015
Unrealized gains/(losses) on investments available-for-sale
	Affected line item in the Statements of Income:
	Investment securities gains			$	1,919		$	20
	Income before taxes				1,919			20
	Tax expense				765			8
	Net income			$	1,154		$	12
Amortization of defined benefit pension plan items
	Affected line item in the Statements of Income:
		Recognized actuarial loss (1)		$	870		$	791
			Income before taxes		870			791
			Tax expense		339			323
			Net income	$	531		$	468
(1) This amount is included in the computation of net periodic benefit cost, see Note 9